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Over 800 depositors of collapsed savings and loans institutions receive cash

Receiver of the Savings and Loans institutions, whose licenses were revoked during the financial sector cleanup has paid over 800 affected depositors.

According to the spokesperson of the Receiver, Philomena Kuzoe, almost GHC200 million has been disbursed so far to the affected depositors.

She explained that the payments have been structured in an orderly manner to ensure that all persons whose claims have been validated will be attended to.

Philomena Kuzoe noted that at the moment, groups and associations of churches, schools, and other institutions are being catered for, after which individuals will be sent text messages to come for their deposits.

“We have begun. Yesterday we began the payments, we started sending out text messages. So far we have paid 800 people. The payments amounted to GHC200 million. These people were mainly church groups, school associations, welfare associations. They were given 100 percent payments and we sent SMS and account numbers to them. Those who received SMS should visit any CBG branch for the money. We will continue the process till it gets to the individuals and hopefully by Friday majority will get theirs” the Receiver’s spokesperson divulged.

Responding to questions about the ability of the Receiver to fulfill its pledge of paying all depositors their full amounts, the spokesperson disclosed that almost 80% of them have been paid.

She recalled that government, after the financial sector cleanup, ordered the Receiver to place a cap of GHC10, 000 and GHC20, 000 on the cash to be paid.

Thus, all depositors who had less than GHC20, 000 have already received their cash leaving those whose amounts are huge or more than GHC20, 000.

“Those who are left are those whose deposits are huge. Once you submit your claims and it has been validated you will be attended to. Almost 80% of individuals have been paid. They had GHC100, 500, 200. Those whose cash was not up to GHC10, 000, we paid that. When the cap on the amount to be paid was moved to GHC2000, we paid all of them” She detailed.

President Akufo-Addo reiterated his desire to ensure that all depositors whose claims are verified be paid their full amounts during the State of the Nation Address.

He assured that anyone found culpable in the collapse of the bank will be punished.

The President mentioned that all depositors of financial institutions collapse on his watch and those licensed institutions like DKM whose depositors lost their cash will be settled.

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